Category: metrobank

Metropolitan Bank & Trust Company (Metrobank) reported unaudited consolidated net income of P13.1 billion for the first nine months of 2014. The Bank booked P4.0 billion net income in the third quarter, 57% higher compared with the same period last year.

Year-to-date net interest income increased 23% to P34.0 billion, and contributed 64% to the P53.0 billion total operating income. This was driven by the better-than-expected growth in loans and deposits, and relatively healthy spreads. For the period, net interest margin (NIM) was maintained at the 3.8% level, one of the highest in the industry.

Metrobank President Fabian Dee commented: “The robust core income growth reflects positively on our strategy. Our thrust is to maximize returns from traditional revenue sources while prudently managing balance sheet growth.”

At the end of September 2014, Metrobank’s loans and receivables portfolio expanded by 21% year-on-year to P697.3 billion. Demand was particularly strong from commercial clients, including middle market and SMEs. On the other hand, reflective of the Bank’s push for low cost funding, total deposits sustained its high growth rate of 23% to reach P1.1 trillion. The Group opened 31 local branches this year to bring the total to 887, still the largest in the industry.

President Dee elaborated further: “We remain optimistic about the prospects of the domestic economy. We are continuously building our capabilities, and we will accelerate our expansion into new growth areas, increase sales coverage and strengthen client relationships to ensure sustainable profitability and capital efficiency.”

Meanwhile, the Bank reported P19.0 billion in non-interest income consisting of P6.6 billion in service charges and commissions, P1.5 billion from trading and forex gains, and miscellaneous income of P10.9 billion. This included proceeds from property divestments and sale of non-core assets in the first and third quarter, respectively, which were done in preparation for Basel III.

Operating expense was kept at a reasonable level with recurring expenses up 7% for the period. Provisions for credit and impairment losses were lower by 17% year-on-year at P3.3 billion.

Asset quality continues to improve as non-performing loans (NPL) ratio dropped further to 1.1% from 1.4% as of the same period last year. NPL coverage increased to 169% from 140% previously.

Metrobank ended the period with consolidated assets reaching P1.5 trillion and total equity of P142.2 billion. Basel III capital adequacy ratio (CAR) remained well above the regulatory requirements at 16.2% with common equity tier 1 (CET1) at 12.1%.a

Metropolitan Bank & Trust Company (Metrobank) reported unaudited consolidated net income of P9.1 billion for the first six months of 2014. The performance for the period was marked by double-digit growth in loans and deposits, steady margins, and better cost management.

Total operating income for the first half this year reached P36.0 billion, with 62% or P22.4 billion from the interest spread business. Net interest income was up 29% year-on- year supported by strong volume take up. Consolidated deposits increased 23% year-on-year to reach P1.1 trillion, while loan growth was sustained at 19% to close the period at P647.5 billion. Lending activities were driven by the strong demand from the commercial segment, which continues to benefit from the robust economy and investment climate. As a result, net interest margin was maintained at 3.9%, the same level as the first quarter.

Non-interest income, on the other hand, was reported at P13.6 billion. This came from P4.4 billion in fee-based income, trading and forex gains of P1.1 billion, and miscellaneous income of P8.1 billion which included a property sale and divestments of non-core assets booked in the first quarter.

Headline operating expenses for the period was reported at P19.8 billion. On a recurring basis, this represents a slower-than-expected growth of 6% compared to the same period last year. Meanwhile, provisions for credit and impairment losses was lower by 30% year-on-year at P1.9 billion.

Asset quality remains well under control as non-performing loans (NPL) ratio further improved to 1.3% from 1.8% as of the same period last year. NPL coverage increased to 159.8% from 125.3% previously.

In its effort to continuously improve coverage and make banking convenient for clients,Metrobank opened 16 branches and 52 ATMs this year to bring its consolidated total to 872 and 1,988, respectively. Metrobank’s branch network remains the largest in the domestic banking industry.

Metrobank ended the first half with consolidated assets reaching P1.4 trillion, and total equity at P138.9 billion. Basel III capital adequacy ratio (CAR) remained well above the regulatory limit at 15.4% with core equity tier 1 (CET1) at 12.1%.

Metropolitan Bank & Trust Company (Metrobank) reported unaudited consolidated net income of P5.7 billion for the first quarter 2014. The key performance driver was the double-digit increase in core revenues which came at the back of sustained volume growth in loans and deposits.

Total operating income for the period hit P20.1 billion. This was comprised of P11.1 billion in net interest income, and P9.0 billion in non-interest income.

Metrobank’s growth momentum continued to accelerate as total deposits increased 50% to settle at P1.0 trillion by quarter-end. This fueled the 19% expansion in net loans and receivables to P623.5 billion, with the commercial loan portfolio leading the growth at 21% year-on- year. Net interest margin held steady at 3.9%.

Non-interest income included P2.1 billion in fee-based income, and P0.9 billion in trading and FX gains. Income from trust operations, on the other hand, improved by 37% to reach P0.3 billion. Miscellaneous income was reported at P5.7 billion, predominantly coming from the gains from a property sale and divestments of non-core assets. The asset disposals are consistent with Metrobank’s capital planning initiatives under the new Basel III regime.

Meanwhile, total operating expenses for the period was reported at P10.3 billion, and provisions for credit and impairment losses amounted to P1.2 billion.

Asset quality remains well under control as non-performing loans (NPL) ratio further improved to 1.4% from 1.8% as of the same period last year, with NPL coverage now at 155% from 124% previously.

Metrobank continued to pursue its branch expansion strategy to improve coverage and customer accessibility. The Bank opened five branches and 15 ATMs in the first quarter, bringing the consolidated total to 861 and 1,951, respectively.

Metrobank was recently upgraded by Fitch Ratings to investment grade status. The Bank’s Long-Term Issuer Default Rating was upgraded to BBB- from BB+, with a Stable outlook. This rating puts Metrobank at par with the Republic of the Philippines. This is the second investment grade rating received by Metrobank; the first upgrade was issued by Moody’s in October 2013.

Metrobank ended the first quarter with consolidated assets reaching P1.4 trillion, and equity at P136.5 billion. Total capital adequacy ratio (CAR) on a Basel III basis remained well above the regulatory limit at 16.0%.

Metropolitan Bank & Trust Company (Metrobank) reported unaudited consolidated net income of P5.7 billion for the first quarter 2014. The key performance driver was the double-digit increase in core revenues which came at the back of sustained volume growth in loans and deposits.

Total operating income for the period hit P20.1 billion. This was comprised of P11.1 billion in net interest income, and P9.0 billion in non-interest income.

Metrobank’s growth momentum continued to accelerate as total deposits increased 50% to settle at P1.0 trillion by quarter-end. This fueled the 19% expansion in net loans and receivables to P623.5 billion, with the commercial loan portfolio leading the growth at 21% year-on- year. Net interest margin held steady at 3.9%.

Non-interest income included P2.1 billion in fee-based income, and P0.9 billion in trading and FX gains. Income from trust operations, on the other hand, improved by 37% to reach P0.3 billion. Miscellaneous income was reported at P5.7 billion, predominantly coming from the gains from a property sale and divestments of non-core assets. The asset disposals are consistent with Metrobank’s capital planning initiatives under the new Basel III regime.

Meanwhile, total operating expenses for the period was reported at P10.3 billion, and provisions for credit and impairment losses amounted to P1.2 billion.

Asset quality remains well under control as non-performing loans (NPL) ratio further improved to 1.4% from 1.8% as of the same period last year, with NPL coverage now at 155% from 124% previously.

Metrobank continued to pursue its branch expansion strategy to improve coverage and customer accessibility. The Bank opened five branches and 15 ATMs in the first quarter, bringing the consolidated total to 861 and 1,951, respectively.

Metrobank was recently upgraded by Fitch Ratings to investment grade status. The Bank’s Long-Term Issuer Default Rating was upgraded to BBB- from BB+, with a Stable outlook. This rating puts Metrobank at par with the Republic of the Philippines. This is the second investment grade rating received by Metrobank; the first upgrade was issued by Moody’s in October 2013.

Metrobank ended the first quarter with consolidated assets reaching P1.4 trillion, and equity at P136.5 billion. Total capital adequacy ratio (CAR) on a Basel III basis remained well above the regulatory limit at 16.0%.